An investment group led by Mautner-Glick Corporation has bought four contiguous rental buildings on the Upper East Side at 212-218 East 85th Street for $30 million from investor Herma Stribula, according to property records published today.
The walk-up apartment buildings, located between Second and Third Avenues, total 37,500 square feet and offer an additional 3,368 square feet of air rights, according to the buyer’s broker Cushman & Wakefield.
The properties consist of 70 residential units, which comprise of a mix of studios, and one- and two-bedroom apartments. Currently, 17 of the units are vacant and 85 percent of them are free-market and priced at an average of $1,985 per month. There are also four office units, two retail spaces and a rear garden available for tenants of all the buildings.
“212-218 East 85th Street represented an exceptional opportunity to acquire 70 mostly free-market units with 100 feet of frontage in a stellar location just east of Third Avenue,” C&W’s Paul Smadbeck, who handled the deal for the buyers and the seller, said in a prepared statement. “The apartments were renting at below-market rates providing a genuine value-add component. With its close proximity to both the Lexington and Second Avenue 86th Street subways, the prospect of long-term land appreciation is unequivocal.”
Smadbeck worked on the deal alongside colleagues Thomas Gammino, Hunter Moss and Bryan Smadbeck.
Mautner-Glick is a family-owned multifamily property investor and manager founded by Alvin Glick and John Mautner in 1959.